The habits that Bill Gates, Elon Musk and Jeff Bezos share

Bill Gates, Elon Musk and Jeff Bezos

There are two types of millionaires: those whose fortune is inherited and millionaires who took it upon themselves to build their wealth from scratch. In the latter, Thomas Corley repaired, who investigated 225 of them for five years. He interviewed them in depth, followed his lifestyle, his financial habits. Corley’s investigation, who is an accountant and financial planner, resulted in a book titled Rich Habits: The Daily Success Habits of Rich People. Released in 2009, it was a bestseller and became a classic.

Typically, the millionaires Corley interviewed were business owners, entrepreneurs, investors, or geniuses who had created some unique product or service. Among them Bill Gates, Elon Musk and Jeff Bezos. Each of them fell into one of four categories: savers-investors, business climbers, virtuosos, and dreamers. Abundant with case histories, Corey’s book also features some of the “rich habits” its title promises. Among them, these are some of the most important. In addition, Bill Gates has never minced words and allows himself the luxury of giving us the keys to becoming rich..

They save 20% of salary every month

The savers-investors interviewed by Corley consistently saved 20% or more of their take-home pay, every month. Typically, they put 10% into retirement accounts and the other 10% automatically went into a separate savings account. Many have accomplished this by automating the withdrawal of a fixed percentage of their take-home pay. In addition, saver-investors would transfer their accumulated monthly savings to an investment account

According to this expert, even if you can’t save 20% of your salary, consistently saving a smaller percentage can help you meet your financial goals. If Jeff Bezos, Elon Musk and Bill Gates have anything in common, it is their savings strategy. They use what is called the five hour rule and the first to implement it was Benjamin Franklin. It is based on spending at least five hours a week learning consciously.

Regularly invest part of the savings

Because savers-investors they constantly invested their savings, their money accumulated over time. When they started, this compound interest was not very significant. But after 10 years, they began to accumulate significant wealth, averaging $3.3 million in wealth. With regard to the millionaires known as “dreamers-entrepreneurs”, although in the first stage of the search for their dreams they did not have the capacity to save, once they achieved success they immediately turned around and began investing their profits.

Also. Those who were born into the lower or middle classes and became millionaires were not limited to a single source of income. They developed multiple streams, stocks, property rentals and side businesses are some of the different sources of income that the rich turn to.

The investment of their fortunes is

They are extremely austere

One of the common denominators of Corley’s study millionaires is that they were all extremely austere. According to the expert, being frugal requires being aware of how money is spent, spend the money on quality products and services and spend the least amount possible looking for the lowest price. “Most of the rich in my study were raised by poor parents. or middle-class parents trying to instill good habits in them. Being frugal was one of those good habits that they carried with them into their adult life,” Corley said. Going lean “will save you a lot more money,” Corley recommends. “And the more you have saved, the more money you can invest.”

They keep your expenses low

Self-made millionaires They always seek to keep costs as low as possible.. His strategies include:

  • Do not spend more than 25% of net salary on housing.
  • Do not spend more than 15% of net salary on food.
  • Do not spend more than 10% of salary on entertainment, which includes bars, movies, restaurants.
  • Do not spend more than 5% of the annual salary on vacations.
  • Never play. In case of betting on lottery or casino, that comes out of the entertainment budget.

They never give up

People who have achieved financial success share three characteristics, according to Corley’s study: “focus, persistence and patience.” They never stop pursuing their goals, even if they suffer setbacks: “Those who became millionaires are persistent. They never give up on their dream. They would rather drown as the ship sinks than give up,” he wrote. More than a quarter of those surveyed about him said he failed at least once in his business, and got up and moved on. “If we want to succeed in life, we have to resist adversity, even if it seems endless,” he concluded.

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The habits that Bill Gates, Elon Musk and Jeff Bezos share